International. According to a new report from Grand View Research, Inc., the global smart coatings market is expected to reach $11.68 billion. The increasing demand for products from major end-use industries such as construction, aerospace, military, and healthcare, is expected to drive the growth of the market during the forecast period.
The advanced properties such as self-healing, self-cleaning and corrosion resistance exhibited by the materials have led to an increase in demand from the automotive and aerospace industry, mainly for outdoor applications. In addition, advanced coatings applied in aircraft have the ability to indicate damage to an aerodynamic engine.
The increasing use of the product in military applications due to the increasing demand for customizations, including intelligent self-repair, artificial intelligence, and sensing capabilities, is expected to drive growth.
The compound in the marine end-use sector deals with the concerns of biofouling, microbial attacks, etc. In addition, the product helps mitigate maintenance challenges in the aerospace industry, which is a key factor in promoting product demand.
The market is expected to witness the highest growth in multilayer products due to the increasing applications of multilayer coatings for surface protection in various end-use sectors that are expected to benefit the overall growth of the industry. Industry participants such as BASF SE, The Dow Chemical Company, PPG Industries and A&K coating, among others, engage in extensive research and development for the manufacture of multifunctional coatings.
